New Issue: BofA prices $108.5 million market-linked step-up notes on S&P 500

By Jennifer Chiou

New York, May 1 - Bank of America Corp. priced $108,500,690 of market-linked step-up notes due April 27, 2018 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If the index finishes at or above the step-up value - 123.4% of the initial level - the payout at maturity will be par plus the index gain.

If the index finishes below the step-up level but at or above the initial level, the payout will be par plus the step-up return of 23.4%.

Investors will receive par for losses up to 20% and will be exposed to any losses beyond the buffer.

BofA Merrill Lynch is the agent.

Issuer:	Bank of America Corp.
Issue:	Market-linked step-up notes
Underlying index:	S&P 500
Amount:	$108,500,690
Maturity:	April 27, 2018
Coupon:	0%
Price:	Par of $10
Payout at maturity:	If index finishes above step-up value, par plus return; if index finishes below step-up level but at or above initial level, par plus 23.4%; par for losses up to 20% and exposure to any losses beyond the buffer
Initial level:	1,585.16
Step-up value:	1,953.09, 123.4% of initial value
Pricing date:	April 25
Settlement date:	May 2
Agent:	BofA Merrill Lynch
Fees:	2.5%
Cusip:	06053E649

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